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Which group is incorrect?
Returned Merchandise
Returned merchandise involves items that have been sold and then later returned by the customer, typically requiring the business to refund the customer's money or exchange the product.
General Journal Entry
The basic method of recording financial transactions, involving debits and credits, in the general journal.
Sales Tax
A tax levied by governments on the sale of goods and services, typically calculated as a percentage of the retail price.
Credit Sale
Transactions where goods or services are sold by providing credit to the customer, with payment to be received at a later date.
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